PRESS RELEASE

             Global Bioenergies: strong progress in first half 2023
                       First half revenue of EUR3.1 million
                             Reduction of net loss
      ASTM certification obtained for Sustainable Aviation Fuel technology
                           Upsizing of plant project

Evry, 19 September 2023 - 05:45 p.m.: Global Bioenergies' Board of Directors held on 15 September approved the H1 2023 financial statements, which have been audited by the Statutory Auditor and show revenue of EUR3.1 million.
Samuel Dubruque, Chief Financial Officer of Global Bioenergies, said: "This record revenue since the creation of the Company, has enabled us to

significantly  reduce our net loss: (EUR4.1) million in H1 2023 compared to (EUR5.8)
million  in  H1  2022 and  (EUR7.6)  million  in  H1  2021. Isonaturane(TM)  12 sales

illustrate both the market appetite for our products and our ability to produce in compliance with the most stringent regulatory standards."
Marc Delcourt, co-founder and CEO of Global Bioenergies, added: "The first half of 2023 was also marked by the achievement of the ASTM certification for our sustainable aviation fuel technology. This certification, an essential gateway reserved for a limited range of technologies, gives us access to the market for Sustainable Aviation Fuel, which is the main decarbonisation option for air transport. Thanks to the larger scale of operation of our process and the reduction in production costs, we plan to start operating in the European SAF market by 2030, when the mandatory minimum share of sustainable aviation fuels are raised from 2% to 6% in the European Union."
Group Profit & Loss Account
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  EUR thousands                 from 01/01/23   from 01/01/22   from 01/01/21
                                to 30/06/23     to 30/06/22     to 30/06/21
                                   6 months        6 months        6 months

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  Operating income                    7,326           1,059           1,903
  Operating expenses                 11,264           6,632           9,455
  Operating profit (loss)            -3,938          -5,573          -7,552

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EBITDA -3,026 -5,014 -6,515
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  Financial profit (loss)                23             -61             -79
  Exceptional profit (loss)            -169            -124              10
  Income tax                              -               -               -

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Net profit (loss) -4,084 -5,759 -7,621
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EUR thousands from 01/01/23 from 01/01/22 from 01/01/21 to 30/06/23 to 30/06/22 to 30/06/21
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 Operating income                             7,326         1,059         1,903
                              Revenue         3,102           144            33
                  Operating subsidies         1,184           894         1,331
      Change in inventory of finished
                             products         1,917           -34           527
                         Other income         1,123            55            12

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Operating income mainly consists of revenue from the first sale of several tonnes of Isonaturane(TM) 12.
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EUR thousands from 01/01/23 from 01/01/22 from 01/01/21 to 30/06/23 to 30/06/22 to 30/06/21
-------------------------------------------------------------------------------

 Operating expenses                          11,264         6,632         9,455
                          Staff costs         2,194         2,309         2,079
    Average number of employees (No.)          47.6          47.3          41.2
           Industrialisation expenses         2,687         2,597         4,886
          Change in IBN & derivatives
                          inventories         2,461          -584         - 520
                     Laboratory costs           192           185           322
        Rent, servicing & maintenance           518           423           413
                Intellectual property           186           137           326
       Depreciation, amortisation and
                           provisions         2,028           559         1,038
               Other structural costs           997         1,006           911

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Total isobutene and derivatives inventory entries, which impact both operating income and operating expenses, result in a total expense of EUR0.7 million in H1
2023.
Excluding these inventory entries, operating expenses increased EUR0.6 million
versus H1 2022, mainly due to the increase in depreciation charges resulting from the commissioning of the Pomacle production unit on 1 November 2022. Other expense items remained stable.
Group Balance Sheet
----------------------------------------- ---------------------------------------
Assets (EUR 31/12/21 Passif (kEUR)
thousands) 30/06/23 31/12/22 30/06/23 31/12/22 31/12/21 ----------------------------------------- ---------------------------------------
Intangible Capital
assets 411 539 800 905 749 743 Tangible Share
assests 3,060 3,612 637 premium 10,452 16,029 29,289

 Assets under                              Balance
 construction                              carried

129 401 1,897 forward -2,769 -2,708 -4,697 Financial Profit
assets 829 1,546 1,544 (loss) -4,084 -11,986 -11,773 Equipment
subsidy 379 463 - ----------------------------------------- ---------------------------------------
NON CURRENT EQUITY
ASSETS 4,428 6,097 4,879 4,883 2,547 13,562 ----------------------------------------- ---------------------------------------
--------------------------------------- IBN and
derivatives PROVISIONS
inventories 1,604 2,342 1,793 58 110 61 --------------------------------------- Consumables

 inventories       298      250      250
                                           Conditional
 Receivables                               advances

4,847 3,647 3,524 and loans 10,985 11,486 12,454 Cash Trade
9,855 8,768 20,931 payables 4,229 5,580 3,520

                                           Tax and
 Marketable                                social
 securities                                security

176 173 147 liabilities 725 502 1,185

                                           Other debts
 Prepaid                                   and
 expenses                                  deferred

387 300 261 income 713 1,352 1,003 ----------------------------------------- ---------------------------------------
CURRENT PAYABLES
ASSETS 17,167 15,480 26,907 16,653 18,921 18,163 ----------------------------------------- ---------------------------------------
----------------------------------------- ---------------------------------------
TOTAL ASSETS TOTAL
21,595 21,577 31,785 LIABILITIES 21,595 21,577 31,785 ----------------------------------------- ---------------------------------------
The reduction in fixed assets is due to (i) the depreciation of the Pomacle- Bazancourt production unit commissioned at the end of 2022, (ii) the repayment of the guarantee at the end of one of the subsidy projects and (iii) the impairment of capitalised expenses specifically related to the 2,000 ton plant project.
Inventories decreased and receivables increased following delivery and invoicing
of the first tonnes of Isonaturane(TM) 12 at the end of the first half.
The cash balance increased by EUR1.1 million in the first half. Capital increases
generated a net inflow of EUR6.5 million, supplemented by the receipt of subsidies

and  trade  receivables  (EUR2.7  million).  Cash  flows from operating activities
accounted  for most of the cash outflows over the period (EUR7.7 million) and were

heavily impacted by Isonaturane(TM) 12 production costs.
Highlights of the first half of 2023, recent events and outlook
- Successful delivery of the first tons of Isonaturane(TM) 12
To meet orders placed by major cosmetics companies including L'Oréal, Global Bioenergies has set up a dedicated value chain, partly subcontracted, and delivered several tonnes of Isonaturane(TM) 12 in H1 2023. Although the associated revenue is substantial, the corresponding production costs remain considerably high and this business activity, which will not generate a significant margin for the Company, is now no longer a priority. The Company is currently focusing all its efforts on building a larger plant.
- ASTM certification for sustainable aviation fuel from Global Bioenergies technology
The aviation industry requires all of its fuels to be certified by ASTM. Sustainable aviation fuels (SAF) are certified worldwide in accordance with the ASTM D7566 standard, which sets out the fuel specification requirements and maximum blending percentage with conventional fuels. The standard allows SAFs to
be considered as "drop-in" fuels, meaning that they can be blended up to 50%
with fossil kerosene and can be safely used in airliners and existing infrastructure worldwide.
Global Bioenergies obtained certification for its process in June 2023 marking the starting point for the roll-out of its sustainable aviation fuel technology.
In order to become a major player in this field, production costs still need to be reduced significantly in order to be compatible with market prices. The Company aims for a share of the European SAF market in 2030, when the mandatory minimum share of sustainable aviation fuels will be raised to 6% in Europe.
* Focus on the larger scale plant project
Global Bioenergies has decided to adjust its roadmap to focus as of now on building a large-scale plant capable of producing up to 10,000 tonnes of isobutene and derivatives per year. This increase in production volume coupled with a reduction in selling prices will enable the Company to meet the needs of the cosmetics market more broadly and then gradually penetrate the Sustainable Aviation Fuel market. The plant would start operations at the end of 2027.
Global Bioenergies will release design and construction schedules by the end of 2023.
About GLOBAL BIOENERGIES
Global Bioenergies substitutes products of fossil origin with products of natural origin. In their quest for naturalness without compromising on performance, the cosmetics players are the Company's first customers. By 2027,
the Company will be operating its innovative process in a large-scale plant. By 2030, the Company plans to become a leader in the huge emerging market for sustainable aviation fuels, in order to fight against global warming. Global Bioenergies is listed on Euronext Growth in Paris (FR0011052257 - ALGBE). L'Oréal is its largest shareholder, with a 13.5% stake.
Contacts
+-------------------------------+ +--------------------------------------------+
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